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Consumer math please help i dont understand?

Credit Card Debt discussions & tips

Consumer math please help i dont understand?

Postby piers93 » Fri Dec 16, 2011 2:02 am

1. If you owe money to a creditor, you are a _____. (1 point)loaner
creditor
debtor
loanee

2. _____ is the amount of money owed in addition to the original amount. (1 point)Principal
Interest
APR
APY

3. The original amount owed on a loan is known as ____. (1 point)principal
available balance
credit
collateral

4. Which item is NOT an asset? (1 point)house
car
debit card
cash

5. Credit scores are made of _____. (1 point)credit history, payment history, debt ratio, and types of credit
credit profile
FICO
creditworthiness

6. Another name for a debit card is _____. (1 point)charge card
cash transaction
check card
credit card

7. A perfect credit score is _____ points. (1 point)750
650
700
800

8. When starting your credit history, a low-credit-limit, high-interest-rate credit card should be paid ____. (1 point)in full, on time, every time
in even payments each time
at least the minimum due
as much as you can when due

9. APY means ____. (1 point)annual percentage yield
annual percentage yearly
apportioned percentage yield
applied percentage yield

10. Payment history is ____ of your credit score. (1 point)35%
30%
10%
15%

11. Your gross pay is $2,759.00. Your involuntary deductions are FICA (7.65%), federal withholding (12%), and state withholding (7%). How much are you allowed for housing and fixed expenses? (1 point)$772.52
$993.24
$728.54
$566.64

12. You are paid $8.25/hour. You work 35 hours/week for 3 weeks. Your involuntary deductions are FICA (7.65%), federal withholding (13%), and state withholding (9%). How much is your realized income? (1 point)$203.13
$866.25
$288.75
$609.39

Note: The question below was entered in error. You will receive credit for ANY answer.
13. You carry a balance of $3,168.00 on a credit card at a 12.75% APR for 7 months. How much is your total payment by the end of the seventh month? (1 point)$3,571.92
$3,403.62
$3,201.66
$3,860.43

Note: The question below was entered in error. You will receive credit for ANY answer.
14. Your mortgage is $135,400.00 at a 5.25% APR. If you pay $1,500.00 towards the mortgage each month, how much is applied toward the principal by the end of the second month? (1 point)$1,815.25
$315.25
$911.60
$1,184.75

15. You have $1,998.00 on a credit card with a 14.5% APR. You miss your minimum payment the first month and there is a late fee of $37.00. How much is your balance at the beginning of the second month? (1 point)$2,059.14
$2,022.14
$2,046.29
$2,083.29

Note: The question below was entered in error. You will receive credit for ANY answer.
16. You take out a cash advance of $2,790.00 on a credit card with a 3.5% cash advance fee and a 13.5% APR. What is the amount due by the end of the month? (1 point)$2,887.65
$2,821.39
$3,277.48
$2,920.14

Note: The question below was entered in error. You will receive credit for ANY answer.
17. You have a credit card with a balance of $1,256.34 and a 9.5% APR. A late payment fee of $29.00 is added to the principal if you pay after 5/28. You make a payment for $200.00 on 5/28. How much interest did you pay? (1 point)$100.35
$9.95
$8.36
$119.35

Note: The question below was entered in error. You will receive credit for ANY answer.
18. You make a purchase of $1,987.54 using a rewards credit card that gives you 2% cash back. If the credit card has a 17.75% APR and you do not make a payment the first month, how much is the difference between the interest and reward? (1 point)$10.35
$39.75
$29.40
$28.81

19. You have four credit cards. Each has a balance of $950.00, but their credit limits are $1,000.00, $1,800.00, $2,200.00, and $5,000.00. Paying off and closing which card would decrease your debt ratio? (1 point)$5,000.00 limit
$2,200.00 limit
$1,800.00 limit
$1,000.00 limit
piers93
 
Posts: 884
Joined: Tue Mar 22, 2011 7:23 am

Consumer math please help i dont understand?

Postby alo21 » Fri Dec 16, 2011 2:06 am

1. If you owe money to a creditor, you are a _____. (1 point)loaner
creditor
debtor
loanee

2. _____ is the amount of money owed in addition to the original amount. (1 point)Principal
Interest
APR
APY

3. The original amount owed on a loan is known as ____. (1 point)principal
available balance
credit
collateral

4. Which item is NOT an asset? (1 point)house
car
debit card
cash

5. Credit scores are made of _____. (1 point)credit history, payment history, debt ratio, and types of credit
credit profile
FICO
creditworthiness

6. Another name for a debit card is _____. (1 point)charge card
cash transaction
check card
credit card

7. A perfect credit score is _____ points. (1 point)750
650
700
800

8. When starting your credit history, a low-credit-limit, high-interest-rate credit card should be paid ____. (1 point)in full, on time, every time
in even payments each time
at least the minimum due
as much as you can when due

9. APY means ____. (1 point)annual percentage yield
annual percentage yearly
apportioned percentage yield
applied percentage yield

10. Payment history is ____ of your credit score. (1 point)35%
30%
10%
15%

11. Your gross pay is $2,759.00. Your involuntary deductions are FICA (7.65%), federal withholding (12%), and state withholding (7%). How much are you allowed for housing and fixed expenses? (1 point)$772.52
$993.24
$728.54
$566.64

12. You are paid $8.25/hour. You work 35 hours/week for 3 weeks. Your involuntary deductions are FICA (7.65%), federal withholding (13%), and state withholding (9%). How much is your realized income? (1 point)$203.13
$866.25
$288.75
$609.39

Note: The question below was entered in error. You will receive credit for ANY answer.
13. You carry a balance of $3,168.00 on a credit card at a 12.75% APR for 7 months. How much is your total payment by the end of the seventh month? (1 point)$3,571.92
$3,403.62
$3,201.66
$3,860.43

Note: The question below was entered in error. You will receive credit for ANY answer.
14. Your mortgage is $135,400.00 at a 5.25% APR. If you pay $1,500.00 towards the mortgage each month, how much is applied toward the principal by the end of the second month? (1 point)$1,815.25
$315.25
$911.60
$1,184.75

15. You have $1,998.00 on a credit card with a 14.5% APR. You miss your minimum payment the first month and there is a late fee of $37.00. How much is your balance at the beginning of the second month? (1 point)$2,059.14
$2,022.14
$2,046.29
$2,083.29

Note: The question below was entered in error. You will receive credit for ANY answer.
16. You take out a cash advance of $2,790.00 on a credit card with a 3.5% cash advance fee and a 13.5% APR. What is the amount due by the end of the month? (1 point)$2,887.65
$2,821.39
$3,277.48
$2,920.14

Note: The question below was entered in error. You will receive credit for ANY answer.
17. You have a credit card with a balance of $1,256.34 and a 9.5% APR. A late payment fee of $29.00 is added to the principal if you pay after 5/28. You make a payment for $200.00 on 5/28. How much interest did you pay? (1 point)$100.35
$9.95
$8.36
$119.35

Note: The question below was entered in error. You will receive credit for ANY answer.
18. You make a purchase of $1,987.54 using a rewards credit card that gives you 2% cash back. If the credit card has a 17.75% APR and you do not make a payment the first month, how much is the difference between the interest and reward? (1 point)$10.35
$39.75
$29.40
$28.81

19. You have four credit cards. Each has a balance of $950.00, but their credit limits are $1,000.00, $1,800.00, $2,200.00, and $5,000.00. Paying off and closing which card would decrease your debt ratio? (1 point)$5,000.00 limit
$2,200.00 limit
$1,800.00 limit
$1,000.00 limit
1.) C 2.)B 6.)C 8.)A 10.) A

Thats all I have so far, Im taking this right now too. If you already have all the answers could you mail them to me. Please and Thanks!(:
alo21
 
Posts: 856
Joined: Mon Mar 21, 2011 5:39 pm


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